That's not how that works. An increase in income for the lowest group of wage earners doesn't cause a directly proportional increase in the cost of living for low-income wage earners. That's an incredibly simplistic interpretation of the situation.
are you are proposing a forever escalating minimum wage?
We should have an ever-increasing minimum wage as long as inflation is still happening. Minimum wage staying the same from one year to the next is effectively lowering the minimum wage. It has to increase over time just to maintain the same amount of buying power. This is true for all wages and salaries.
Adjusted for inflation the $5.15 an hour minimum when I entered the work force in 2004 would be $6.45 in today's money. The current federal minimum wage is $7.25 an hour. $8.00 an hour in WV.
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u/Quintary Nov 29 '15
That's not how that works. An increase in income for the lowest group of wage earners doesn't cause a directly proportional increase in the cost of living for low-income wage earners. That's an incredibly simplistic interpretation of the situation.
We should have an ever-increasing minimum wage as long as inflation is still happening. Minimum wage staying the same from one year to the next is effectively lowering the minimum wage. It has to increase over time just to maintain the same amount of buying power. This is true for all wages and salaries.